Ajax Rentals has an opportunity to purchase a truck for $130000 with a useful life of 5 years and with a $20000 salvage value. Spare parts totaling $4000 must be purchased when the truck is acquired and this cost will be recovered at the end of the truck's useful life. After two years a $25000 major overhaul is needed. Ajax can generate $75000 a year in delivery revenues, and operating expenses will be $35000 a year, without depreciation. Cost of capital is 8%.

What is the present value of cash outflows? Assuming Ajax has a 40% tax rate, would it accept the project?